– Single source of transactions lowers reporting overheads for smaller remittance service
providers on the Terra network
Lagos, Nigeria – February 03, 2016: Terra, a mobile-first international payment network, incubated
by Mahindra Comviva, today, announced the launch of Terra Pulse to help financial authorities and
regulators accurately measure mobile-powered international remittances.
In developing countries, migrant remittances equal US$440 billioni, a figure three times higher than
the volume of official aid flows. From a macro-perspective, cross-border transfers are vital in terms
of economic stability generated by the receipt of large capital inflows as well as in terms of overall
development potential.
According to the World Bank, less than two-thirds of African countries, however, report data on
remittances. For regulators, the ability to reliably track, monitor and measure remittance flows is
essential to obtain meaningful insights on market trends and define appropriate growth-oriented
policies for the industry. Most economies encounter several challenges in capturing and reporting
remittance data, making it less reliable than other line constituents in the balance of payment
accounts. Remittance data is fragmented and needs to be federated from multiple service providers,
corridors and touch points. The complexity is compounded by the existence of disparate data
sources, the use of proprietary data formats, the lack of standardized compilation models as well as
varying levels of reporting granularity.
Terra provides the rails for international transfers by interconnecting digital wallet service providers,
foreign exchange houses and remittance companies. As a regulated entity, Terra maintains an audit
trail of all inbound and outbound transactions processed by its network. Central regulators and
financial reporting agencies benefit from a single view of transactions originating or leaving their
respective countries, with an option to obtain a drill down view at a per corridor, partner and
customer level. The reporting frequency and range of reports can be customized, based on each
country’s requirements.
Commenting on Terra Pulse, Ambar Sur, Founder and CEO Terra, said, “In the next three years, the
mobile would emerge as the dominant channel for cross-border transfers. Terra is defining the
standards for mobile-powered international payments. The problem associated with data
compilation is real, and no country has found a perfect solution. Terra addresses the need for a
reliable data source by enforcing network-wide standards for counting, data compilation and
reporting. This would go a long way towards understanding the nature and quantity of flows and
maximizing the developmental impact of remittances.”
Terra Pulse, additionally, exposes APIs to enable partners, in particular smaller, local remittance
companies, comply with in-country reporting regulations as well as understand performance trends,

About Me

The International Association of Money Transfer Networks is the only global international trade organisation that represents Money Transfer Industry / Payment Institutions providing cross border payments. Founded in 2005, provides a platform for industry partners to come together to discuss common challenges, industry initiatives, and create opportunities. IAMTN works closely with governments, regulators, regional associations and all other stakeholders to champion the creation of the most effective, safe, reliable and efficient payment system.